Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure

Note 7: Property, Plant, and Equipment

As of August 11, 2023, as a result of Fresh Start Accounting, we have adjusted our property, plant and equipment, balances and remaining useful lives, to fair value. See Note 3 for additional information.

In the Successor Period, property, plant, and equipment balances reflect fair value as of August 11, 2023 plus additions less disposals, depreciation and amortization for the period of August 12, 2023 through September 30, 2023. In the Predecessor Period, property, plant, and equipment is reflected at cost less accumulated depreciation and amortization.

The following is a summary of property, plant, and equipment:

		Successor		Predecessor
	Estimated Useful Life (years)	September 30, 2023		December 31, 2022
Land and land improvements	(1)	$	20.8	$	10.0
Buildings and building improvements	15-30	40.9		68.3
Machinery, tools and equipment	5-12	34.3		81.8
Leasehold improvements (2)	10	6.5		17.2
Computer equipment	3	17.7		101.1
Computer software	5-10	6.1		127.8
Furniture and fixtures	5-8	17.4		54.6
Tooling	3-5	10.9		134.7
Construction in progress		13.0		4.6
Total property plant and equipment, at cost		$	167.6	$	600.1
Less accumulated depreciation and amortization		(8.6)		(479.4)
Total property, plant, and equipment, net		$	159.0	$	120.7

(1)Estimated useful life for land and land improvements is perpetual and 15 years, respectively.

(2)The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease.

Depreciation expense is computed on a straight-line basis over the estimated useful lives of the related assets. Depreciation expense was as follows:

	Successor		Predecessor
	Period from		Period from		Three months ended
	08/12/2023 through 09/30/2023		07/01/2023 through 08/11/2023		September 30, 2022
Depreciation expense	$	5.4	$	5.8	$	6.7
	Period from		Period from		Nine months ended
	08/12/2023 through 09/30/2023		01/01/2023 through 08/11/2023		September 30, 2022
Depreciation expense	$	5.4	$	18.3	$	23.0